Captive Insurer

A legally recognized insurance company organized and owned by a corporation or firm whose purpose is to use the captive to write its own insurance at rates lower than those of other insurers. Usually it is a nonadmitted insurer that has the right, under special circumstances, to reinsure with an admitted insurer

See Also: Controlled Business; Common Policy Declarations; Common Law Liability; Commission; Class (or Classification); Claims Reserve; Certificate of Insurance; Certificate of Convenience; Cancelable;

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